Equinor, the Norwegian energy company, and Petrobras, the Brazilian multinational energy corporation, have signed a letter of intent (LoI) to examine seven offshore wind projects in Brazil. The offshore projects, which will be located off the coast of Brazil, will have the capacity to generate up to 14.5 GW of renewable energy in total. In accordance with the terms of the LoI, the two companies seek to investigate the projects’ feasibility from a technical, economic, and environmental perspective while supporting Brazil’s goals for energy transition.
The partnership between Equinor and Petrobras, which covered the Aracatu I and II wind farm projects, was established in 2018. Aracatu I and II are situated on the respective coastal borders of the states of Rio de Janeiro and Espirito Santo. Equinor and Petrobras will evaluate the viability of the wind farms at Mangara, Ibitucatu, Colibri, as well as Atobá and Ibituassu as per the new pact. By 2050, Petrobras intends all of its operations to have net-zero emissions, and it has prioritised offshore wind in its 2023–27 Strategic Plan.
In February 2023, Equinor and SSE Renewables decided to look into expanding the Dogger Bank Wind Farm, located more than 130 km off the North East coast of England. The companies intended to start early scoping work on the Dogger Bank D fourth phase of the offshore wind farm. The proposed Dogger Bank D development, which would add 1.32 GW to the 3.6 GW of current capacity at the project, would be owned equally by Equinor and SSE Renewables.
REGlobal’s Views: Equinor has been present in Brazil since 2001 and is an established player in the country’s oil and gas space. While the company’s renewable energy portfolio is small in the country, these offshore wind projects, if constructed, will establish Equinor as a leading renewable energy player in the country. Brazil has a high potential for offshore wind development and offers massive untapped opportunity for development.